Base metals prices on the London Metal Exchange were mostly lower during morning trading on Wednesday July 4 following a poor morning session in SHFE trading and growing concerns about global trade tensions.
"The interim slide in oil prices also weighed on base metals prices yesterday afternoon. In addition, evening trading on the Shanghai Futures Exchange showed marked weakness, which has spilled over onto the London Metal Exchange," Commerzbank Research said in a morning note. "Because the weakness in Chinese trading is continuing today, metals on the LME are also falling further."Three-month copper prices reached a intraday low of $6,423 per tonne - around nine-month lows - and continue to trade below $6,500 per tonne. Prices have declined by more than 12% from the June high of $7,348 per tonne, with...